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INCOME TAXES: | 6 Months Ended
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Jun. 30, 2025
INCOME TAXES: |
INCOME TAXES: | ​ NOTE 4 — INCOME TAXES: ​ The income tax provision and the effective income tax rate for the six-month period ended June 30, 2025 and 2024 consisted of (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2025 |  | 2024 | ​
Statutory income tax provision | ​ | $ | 930.0 | ​ | $ | 852.3 | ​
Peruvian royalty | ​ |  | 33.3 | ​ |  | 29.1 | ​
Mexican royalty | ​ |  | 94.7 | ​ |  | 75.7 | ​
Peruvian special mining tax | ​ |  | 50.7 | ​ |  | 45.0 | ​
Total income tax provision | ​ | $ | 1,108.7 | ​ | $ | 1,002.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective income tax rate | ​ | ​ | 36.7 | % | ​ | 37.3 | %
​ These provisions include income taxes for Peru, Mexico and the United States. The Mexican royalty, the Peruvian royalty and the Peruvian special mining tax are included in the income tax provision. The decrease in the effective income tax rate in 2025 compared to the same period in 2024 was primarily attributable to uncertain tax positions recorded in the U.S., Peruvian and Mexican jurisdictions. ​ Peruvian royalty and special mining tax: The Company has accrued $84.0 million and $74.1 million of royalty charge and special mining tax as part of the income tax provision for the first six months of 2025 and 2024, respectively. Mexican mining royalty: The Company has accrued $94.7 million and $75.7 million of royalty taxes as part of the income tax provision for the first six months of 2025 and 2024, respectively. The increase in 2025 over 2024 is partially attributable to the increase in the mining royalty rate, and increased sales due to the impact of metal prices. As previously reported, effective January 1, 2025, the rates for the mining royalty and the additional royalty increased from 7.5% to 8.5%, and from 0.5% to 1%, respectively. ​ Accounting for uncertainty in income taxes: In the second quarter of 2025, the Company made payments for uncertain tax positions of $35.4 million in the Peruvian jurisdiction to avoid potential further interest and penalties related to the 2018 tax year that is still open. The Company also recorded current and non-current liabilities for the Peruvian jurisdiction that increased the tax expense by approximately $13.9 million. The Company has a net current liability of $21.8 million in the Peruvian jurisdiction, which represent anticipated cash payments within 12 months. ​ U.S. Tax Law updates: ​ On July 4, 2025, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” (the “Act”) – and commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. The Act includes changes to both international and domestic tax provisions but did not change the overall corporate tax rate. The Act reduces the deduction percentages for some income inclusions, reduces foreign income taxes deemed paid and limits deductions that are allocated and apportioned to the foreign tax credit limitation within the Global Intangible Low-Taxed Income (“GILTI”) renamed Net CFC Tested Income (“NCTI”). The Act increases the Base Erosion and Anti-Abuse Tax (“BEAT”) rate. The Act makes changes to the foreign tax credit provisions regarding the allocation and apportionment of foreign taxes; the treatment of certain dividends; and the inclusion of income from Controlled Foreign Corporations (CFC’s). The Company estimates that these taxes and the enacted changes will not be material, but the Company will continue to monitor U.S. Tax policy regarding this new legislation. ​ For calendar year companies, the Act must be recognized in the financial statements in the third quarter of 2025. The impact of changes in the tax law on deferred tax assets and deferred tax liabilities will be recognized discretely in continuing operations. Any impact on current taxes payable related to ordinary income will be included in the annual effective tax rate in the period of enactment, which is the third quarter of 2025. ​ Pillar Two updates: Large multinational businesses with more than €750 million in total revenue must pay a minimum effective tax rate under Pillar Two of 15% on taxable income arising in each jurisdiction where they operate. Certain provisions of Pillar Two took effect January 1, 2024, while others went into effect January 1, 2025. If jurisdictions want to implement Pillar Two they will need to do so through domestic legislation. The countries in which the Company has significant operations have yet to enact Pillar Two into law and have not formally announced plans to implement these rules. Currently there is no impact to the Company but the Company will continue to monitor these developments and analyze any potential impact that Pillar Two may have on future results.

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